-Anchor shareholder Ningbo Jifeng increases its share in Grammer AG to 74 percent
-Grammer welcomes successful tender offer
-Existing strategic partnership to be strengthened based on business combination agreement (BCA)
Amberg, August 9, 2018 – In a mandatory disclosure issued today in accordance with Section 23 (1) Sentence 1 Number 2 of the German Securities Acquisition and Takeover Act (WpÜG), Jiye Auto Parts GmbH, a company associated with Chinese automotive supplier Ningbo Jifeng and Grammer’s strategic partner, has announced that around 48.45 percent of Grammer’s shareholders accepted the tender offer. Ningbo Jifeng’s associated companies currently hold 25.56 percent of Grammer’s shares. Including the shares that have now been tendered, this stake increased to 74.02 percent.
Grammer AG shareholders who have not yet accepted the offer may do so within a further 14-day acceptance period, which expires at 24:00 hours on August 23, 2018.
Grammer has had a strategic partnership with Ningbo Jifeng since February 2017. The tender offer is also linked to a far-reaching business combination agreement guaranteeing jobs, facilities, expertise and brand names of Grammer Group over the coming years and securing the company’s independence and growth strategy.
The offer is no longer subject to regulatory clearances or other closing conditions. The transaction is expected to be executed in the course of the third quarter of 2018.
Located in Amberg, Germany, Grammer AG specializes in the development and production of components and systems for automotive interiors as well as suspension driver and passenger seats for onroad and offroad vehicles.
In the Automotive Division, we supply headrests, armrests, center console systems and high-quality interior components and operating systems to premium automakers and automotive system suppliers. The Commercial Vehicle Division comprises seats for the truck and offroad seat segments (tractors, construction machinery, forklifts) as well as train and bus seats.
With over 13,000 employees, Grammer operates in 19 countries around the world.
Grammer shares are listed in the SDAX and traded on the Frankfurt and Munich stock exchanges via the electronic trading system Xetra